Business

Waterstone Financial to convert to fully public company next week

The holding company for WaterStone Bank plans to launch a stock offering next week that will raise up to $253 million and make it a fully public company.

Depositors of WaterStone Bank will have the first shot at buying the stock, which is being offered for $10 a share. Wauwatosa-based Waterstone Financial Inc. plans to offer 18.7 million to 25.3 million shares in all. If there are any unsold shares after the subscription offering to depositors, those shares will be available to the public.

The old mutual holding company, Lamplighter Financial MHC, now owns 73.5% of the company. Lamplighter will cease to exist when the conversion to a fully public company concludes, and Waterstone Financial Inc. will be the holding company for the bank.